After Haafiz Ali Khan’s death in 1973, the Haafiz Ali Khan Memorial Trust was formed the following year. Many music festivals were organized all over India every year in various metropolitan cities. However, the Trust stopped the yearly festivals in 1979 and instituted the Haafiz Ali Khan awards in 1985. The award has been given to musicians who have become legendary figures in their lifetime while they are still serving the world through their work. The award ceremonies have taken place in India and in Europe in the past, and the awardees include artists from the Indian classical music tradition and the Western classical music tradition. Few years have had the Award bestowed upon Musicologists as well.